The Globe and Mail reports in its Saturday, June 27, edition that JPMorgan's chief executive officer has led its growing Canadian banking arm for two decades, catering to more commercial and corporate clients. The Globe's James Bradshaw writes that annual revenue from Canadian operations has nearly doubled in five years to over $3-billion, with plans for significant future business in the country (all figures U.S.).
It's a small but expanding slice of JPMorgan's operations, which brought in $185.6-billion of revenue and a $57-billion profit last year.
Last year, President Donald Trump complained on social media that "Canada doesn't allow American banks to do business" while their banks operate freely in the U.S.
JPMorgan CEO Jamie Dimon, however, told The Globe on Thursday: "We're here. We can compete with all your banks here in commercial banking, investment banking, market making, payments."
JPMorgan can't buy a large Canadian bank due to a 10-per-cent ownership cap on major lenders. This conflicts with Mr. Dimon's free-market views, but it won't hinder JPMorgan's growth in Canada, even amid strained trade relations, according to him.
"This trade tiff, to me, will be a bump in the road," he said
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